Bitcoin, a virtual currency which has gained quite a lot of traction lately, is an important part of Malaysian economy already. The Negara Malaysia bank has published a statement on it, stating that it’s not considered legal tender yet. They advise individuals to be careful with this sort of transaction – this is the essence of bitcoin – since it doesn’t depend on any banking system, it is free from all currency-related fluctuations.
Despite the statement, reality has shown that the demand for bitcoin here has been icnreasing in Malaysia. One of the reasons for this may be the decision of a petrol station to accept it as a valid payment form – the first one to do that. Other merchants followed the initiative, and more and more Malaysians have been able to use bitcoin to locally purchase services and products.
The current shows quite a lot of potential – it’s early adopters are expected to make some serious profits. This is the though behind Numoni Pte Ltd’s decisions – one among the main payment transaction providers. They have introduced bitcoin vending machines in a large shopping center in Kuala Lumpur and Gurney Plaza of Penang. The machines have the objective on meeting the demand for bitcoin.
Since there’s plenty of potential in it, 1337 Tech has developed BitRingit.com – it’s an online platform for bitcoin trading, and CryptoMarketing.my, which is a marketplace for trading items using bitcoins exclusively as a payment method. The company has had the initiative to offer a free tablet to merchants who are willing to implement their bitcoin payment system in their shop.
Malaysians have been informing themselves, and discovering the advantages that bitcoin offers over traditional currencies. The most daring of those have decided to utilize it instead of traditional money – they have the advantage of being protected from inflation, since there’s a limited bitcoin amount which is going to be put in circulation. This means its value can only increase over the long term, making it a very interesting way to protect a person’s wealth from market fluctuations, inflation, and other parameters that threaten the value of currency worldwide. You can also securely trade atwww.coinbox.biz
In order to make sure the investment in bitcoin is profitable, it’s a good idea to begin as quickly as possible, while bitcoins are being issued daily. There are a few risks associated with the currency, but they’re smaller than that of tradition currencies of a country such as Malaysia. It’s hard to predict when some internation news will flip the foreign exchange marketing upside down, making people lose a life time of savings and creating chaos.
Malaysians want to live a modern life – they’re open to new technology, which is why so many have been adopting bitcoin as alternative currency for current expenditure and savings. As merchants begin to understand this, they start welcoming the trend and accepting the currency in their shops. There is quite a lot of potential in a developing country such as Malaysia, and people who make good decisions will be the winners of the game.